AfDB to invest $12bn in power sector in Africa in 4 years – Adesina

The African Union has been calling for more investment on the continent and an international multilateral development finance institution has heard the call.

The President of the African Development Bank (AfDB), Akinwumi Adesina, says the bank would invest 12 billion dollars
in the power sector in Africa in four years with the goal of leveraging on the aviation sector.

He said this in Abuja.

Adesina added that the aviation sector is very important to the continent but that it could not operate in the dark.

He said the sector was very important to Africa because it accounted for about 73 billion dollars in Gross Domestic Product (GDP) and created about 7 million jobs across the continent.

”Without electricity, you really cannot operate any effective and efficient airline industry and so this is one of the top priorities of the bank.

“We are investing in the power sector 12 billion dollars in the next four years with the goal of leveraging between 45 to 50 million
dollars in this sector because I firmly believe that Africa cannot develop in the dark.

“So we must fast track that and when we have electricity, everything functions, even for the aviation industry and the tourism industry is actually quite linked to the aviation industry as well.”

He said the bank had invested over 20 billion dollars on infrastructure in Africa in the last 10 years, specifically one
billion dollars in the aviation sector.